Asked by Genii Padilla on May 01, 2024
Verified
Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31. 
Prepare the entry required to close the drawing account at the end of the period.
Adjusted Trial Balance
A listing of all company accounts that will appear in the financial statements after adjustments have been made for journal entries.
Drawing Account
An account used to record withdrawals of business assets by the owner for personal use, reducing the capital account.
- Gain knowledge on how to identify accounts that need to be closed at the fiscal year-end.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
Dec. 31 Robert Evans, Capital 2,000 Robert Evans, Drawing 2,000\begin{array} { | l | c | r | r | } \hline \text { Dec. 31 } & \text { Robert Evans, Capital } & 2,000 & \\\hline & \text { Robert Evans, Drawing } & & 2,000 \\\hline\end{array} Dec. 31 Robert Evans, Capital Robert Evans, Drawing 2,0002,000
Learning Objectives
- Gain knowledge on how to identify accounts that need to be closed at the fiscal year-end.
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